Japanese social media firm Line Corp. supported by an American cryptocurrency stock market BitFrontsaid it is suspending new registrations and credit card payments and will cease operations in a few months, despite efforts to overcome challenges in the rapidly evolving industry.
Cryptocurrency Exchange Announces It Has To Shut Down To Continue Developing The Blockchain Ecosystem
According to the news in Reuters, the California-based company said on its website on Sunday, “Despite our efforts, we continue to grow the LINE blockchain ecosystem and the LINK token economy. BITFRONTWe regretfully determined that we need to close ”.
Bitfront said the move had nothing to do with recent issues among some crypto exchanges accused of “irregularities”.
FTX, which is among the largest Bitcoin and cryptocurrency exchanges in the world, is currently the subject of investigations by the authorities for “criminal irregularities”.
While the company filed for bankruptcy earlier this month, the cryptocurrency lender BlockFi It has filed for Chapter 11 bankruptcy protection Monday as it was impacted by the collapse of FTX.
It was revealed that BlockFi owed a large amount of debt to many creditors, including the Securities and Exchange Commission (SEC).
Bitfront said it is suspending new registrations and credit card payments as of November 28, and will suspend withdrawals on March 31, 2023.
The company announced that interest on deposits made between December 5 and December 11 will be paid on December 13, 2022.
*Not investment advice.
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